The key domestic benchmark indices were trading in a positive terrain in rangebound trade in the morning trading session after erasing some early gains, weighed by ITC, ICICI Bank as well as auto and pharma stocks.
The markets got some support from firm cues from fellow Asian peers after Wall Street ended in green in overnight trade, ahead of the industrial production and manufacturing output data later in the day.
The financial stocks will remain in focus today as index heavyweight State Bank of India and Bank of Baroda will announce their December quarter earnings report. Today is going to be the busiest day of the earnings season as over 450 companies will release their financial report which include big names such as, Berger Paints, GAIL, Hindustan Zinc, M&M, Tata Power, Reliance Capital and Sun TV. At 10:10 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 28356.14 up by 26.44 points or by 0.09 per cent, while the NSE Nifty was at 8794 points, trading higher by 15.6 points or by 0.18 per cent. The BSE Sensex touched intraday high of 28456.18 and intraday low of 28319.47 The NSE Nifty touched intraday high of 8822.1 and intraday low of 8781.35
The top gainers of the BSE Sensex pack were Adani Ports & Special Economic Zone Ltd. (Rs. 311.60,+2.35 per cent), State Bank of India (Rs. 279.50,+1.32 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 195.15,+1.14 per cent), Tata Steel Ltd. (Rs. 464.00,+0.89 per cent), NTPC Ltd. (Rs. 169.75,+0.83 per cent), among others.
Meanwhile, Lupin Ltd. (Rs. 1480.45,-1.00 per cent), Tata Motors Ltd. (Rs. 508.45,-0.85 per cent), ICICI Bank Ltd. (Rs. 282.75,-0.79 per cent), ITC Ltd. (Rs. 275.50,-0.68 per cent), GAIL (India) Ltd. (Rs. 487.70,-0.56 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2178 shares traded, 1221 shares advanced, 835 shares declined while 122 were unchanged.
On the global front, Asian stocks were trading higher today led by the Japanese market, which is up by over two percent with the gain in dollar, while the US markets closed higher in the previous trading session mainly due to comments from US President to announce a plan to lower the tax burden on American business.